Fidelity Digital Assets to Expand Its Workforce amid Surge of Crypto Demand

Fidelity Digital Assets, the cryptocurrency arm of the asset management giant, is seeking to increase its workforce amid the strong demand experienced across its crypto services from institutional customers. According to Bloomberg, the staff could witness a 70% expansion as the firm looks forward to hiring almost 100 workers for the operations in Dublin, Boston and Salt Lake City.

In an interview, Tom Jessop, President of Fidelity Digital Assets, stated that the company aims to develop new products and expand its current crypto offerings beyond Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (BTC). Also, he added: “[Last year] was a real breakthrough year for the space, given the interest in Bitcoin that accelerated when the pandemic started. We’ve seen more interest in Ether, so we want to be ahead of that demand.”

Fidelity Digital Assets just offers custody, trading, among other services for Bitcoin as of press time. However, the company’s president hinted at the possibility of pushing trading through more cryptos soon. “We want to be at a place where it’s full-time for most of the week,” he said.

Latest Hiring Maneuvers

The crypto branch of the asset management giant has been active in hiring people to strengthen its service across such a front in the last few months, even since the previous year, despite the Coronavirus Coronavirus The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, Read this Term pandemic. In November 2020, Fidelity Digital Assets initiated a massive recruitment drive to hire more than 20 engineers for the development of its cryptocurrency trading and custody services.

In fact, it helped the company to focus on pushing other crypto-related products in December last year. Since that month, the firm allows its customers to borrow fiat loans against as much as 60% of their bitcoin holdings. The crypto-backed loans are offered in a partnership with New York-based BlockFi, a wealth management platform for crypto investors.

Fidelity Digital Assets only serves institutional investors such as hedge funds, family offices and market intermediaries.